Waterways Leisure Tourism IPO - Company Analysis
Waterways Leisure Tourism IPO under the Mainboard IPO category is a bookbuild issue of Rs. 585 Cr by Waterways Leisure Tourism Limited, which is one of the top domestic ocean cruise companies in India, providing opulent cruise experiences with an emphasis on Indian cuisine, entertainment, hospitality, and culture. Mumbai, Goa, Kochi, Chennai, Lakshadweep, Visakhapatnam, Puducherry, and a few other foreign locations like Sri Lanka, Thailand, Singapore, and Malaysia are all served by the company's cruise ship, MV Empress.
Waterways Leisure Tourism IPO Details
The Waterways Leisure Tourism IPO date of opening is 23 Jun 2026, its initial public offering will end on 25 Jun, IPO allotment on Jun 29 and refund initiation on Jun 30, 2026.
The Rs. 585 crore new Mainboard IPO comprises a wholly fresh issue of 0.72 crore shares.
The Waterways Leisure Tourism IPO listing date (expected) might be on Wednesday, Jul 01, 2026, and listing at the BSE and NSE.
The Waterways Leisure Tourism IPO price band is Rs. 769 to Rs. 808.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Jun 23, 2026 |
|
IPO Closing Date |
Jun 25, 2026 |
|
IPO Allotment Date |
Jun 29, 2026 |
|
Refund Initiation |
Jun 30, 2026 |
|
IPO Listing Date |
Jul 01, 2026 |
Industry Overview
Click to open demat account and apply for the IPO.
Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
341.78 |
247.37 |
399.20 |
|
Total Income |
586.99 |
597.68 |
452.15 |
|
Profit After Tax |
52.14 |
168.19 |
-122.73 |
|
EBITDA |
117.48 |
215.46 |
111.15 |
|
NET Worth |
80.20 |
32.78 |
-118.07 |
|
Reserves |
15.05 |
-31.90 |
-182.75 |
|
Total Borrowing |
101.90 |
30.44 |
5.18 |
Cash Flows
(Amount in lac)
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(964.35) |
1,296.69 |
2,300.67 |
|
Net Cash Flow Investing Activities |
104.76 |
(660.23) |
(745.24) |
|
Net Cash Flow Financing Activities |
586.25 |
(479.87) |
(1,463.34) |
Revenue Bifurcation
(Source: RHP)
The Objective of the Issue
-
Payment towards deposit/ advanced lease rental and monthly lease payments to stepdown subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt. Ltd (Baycruise IFSC). ~ Rs. 480.01 Cr.
Listed Peers of Waterways Leisure Tourism Ltd.
|
Name of Company |
Face Value (₹) |
Basic EPS (₹) |
PE Ratio (x) |
|
Chalet Hotels Limited |
10 |
29.50 |
25.73 |
|
Lemon Tree Hotels Limited |
10 |
2.87 |
40.98 |
Valuation
|
KPI |
Value |
|
ROE |
0.92% |
|
ROCE |
1.14% |
|
Debt/Equity |
1.27 |
|
RoNW |
92.70% |
|
PAT Margin |
0.09% |
|
EBITDA Margin |
0.20% |
|
Price to Book Value |
65.64 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 8.02 from the last year, the resulting P/E ratio is 100.74x.
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IPO's Strengths
- Leading domestic ocean cruise operator in India with a strong market share.
- Pioneer in India-focused luxury cruise tourism.
- Unique blend of Indian culture, cuisine, and entertainment experiences.
- Diverse onboard amenities catering to families, leisure travelers, and corporate groups.
IPO's Weaknesses
-
Cruise vacations are still a niche segment in India due to limited consumer awareness and itineraries.
-
Developing cruise infrastructure, including cruise terminals and supporting infrastructure, might hamper the overall growth of the sector.
-
Regulatory framework and tax structure for the cruise industry in India, like the country's current GST rate, may prove to be an impediment.
Waterways Leisure Tourism IPO GMP (Grey Market Premium)
Waterways Leisure Tourism IPO GMP today is Rs. 50 as of 18 June 2026, while writing this information.
Waterways Leisure Tourism IPO Summary
|
IPO Opening & Closing Date |
23 Jun, 2026 to 25 Jun, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 769 to Rs. 808 per Share. |
|
Lot Size |
18 Shares |
|
Issue Size |
72,40,099 Shares (Rs. 585 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
72,40,099 Shares (Rs. 585 Cr) |
|
Listing at |
BSE, NSE |
|
Issue Type |
Bookbuild issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Lot Details
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
HNI (Min) |
14 Lots |
Waterways Leisure Tourism IPO Allotment Status
To check the Waterways Leisure Tourism IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Waterways Leisure Tourism Ltd.
- Global Shipping and Leisure Limited
- Rajesh Chandumal Hotwani.
|
Pre-Issue Promoter Shareholding |
99.27% |
|
Post-Issue Promoter Shareholding |
89.35% |
IPO Lead Managers
- Centrum Capital Ltd.
Dividend Policy
The company has not paid a Dividend during the last three financial years.
Conclusion
With a Rs. 585 Cr issuance and a strong domestic cruise positioning, Waterways Leisure tourist IPO provides exposure to India's expanding cruise tourist industry. Before applying, investors should carefully consider its high value, debt levels, risks associated with niche markets, and erratic financial performance.
Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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To Read the Prospectus of the Company, Click Here to Download the DRHP.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
